Trump endorses trade deal with Beijing on rare earths

Donald Trump has endorsed the US-China trade deal struck in London that will ramp up supplies of rare earth minerals and magnets needed for the automotive industry, saying it will take tariffs on Beijing to 55%.

- Lisa O'Carroll London Dominic Rushe New York

Acknowledging that his Chinese counterpart, Xi Jinping, still needed to give his final approval on the terms agreed on Tuesday night at Lancaster House, the US president disclosed the pact would also facilitate Chinese students' access to US colleges.

The 55% tariff total appears at first glance to be an increase from the 30% rate agreed in the truce struck last month when both sides slashed triple-digit rates. However, a White House official said it merely reflected Trump's worldwide 10% baseline "reciprocal" tariff on imports, the 20% fentanyl trafficking levy and a 25% pre-existing tariff on China.

Writing on Truth Social yesterday, Trump said: "Our deal with China is done, subject to final approval with president Xi and me... We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!"